Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "all-risk" policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by Agent, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be satisfactory to Agent. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) days' prior written notice to Agent. Borrower will promptly deliver to Agent, at Agent's request, evidence satisfactory to Agent that such insurance has been so procured and, with respect to casualty insurance, made payable to Agent. If Borrower fails to maintain satisfactory insurance as herein provided, Agent shall have the option (but not the obligation) to do so, and Borrower agrees to repay Agent, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by Agent.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement (Owens Realty Mortgage, Inc.)
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "“all-risk" “ policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' ’ compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by AgentBank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be satisfactory to AgentBank. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) days' ’ prior written notice to AgentBank. Borrower will promptly deliver to AgentBank, at Agent's Bank’s request, evidence satisfactory to Agent Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to AgentBank. If Borrower fails to maintain satisfactory insurance as herein provided, Agent Bank shall have the option (but not the obligation) to do so, and Borrower agrees to repay AgentBank, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by AgentBank.
Appears in 2 contracts
Sources: Credit Agreement (Biohitech Global, Inc.), Credit Agreement (Owens Realty Mortgage, Inc.)
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "“all-risk" ” policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' ’ compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by AgentBank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be reasonably satisfactory to AgentBank. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) days' ’ prior written notice to AgentBank. Borrower will promptly deliver to AgentBank, at Agent's Bank’s request, evidence satisfactory to Agent Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to AgentBank. If Borrower fails to maintain satisfactory insurance as herein provided, Agent Bank shall have the option (but not the obligation) to do so, and Borrower ▇▇▇▇▇▇▇▇ agrees to repay AgentBank, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so reasonably expended by AgentBank.
Appears in 1 contract
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "“all-risk" ” policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' ’ compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by AgentBank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be reasonably satisfactory to AgentBank. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) 30 days' ’ prior written notice to AgentBank. Borrower will promptly deliver to AgentBank, at Agent's Bank’s request, evidence satisfactory to Agent Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to AgentBank. If Borrower or a Domestic Subsidiary fails to maintain satisfactory insurance as herein provided, Agent Bank shall have the option (but not the obligation) to do so, and Borrower agrees to repay AgentBank, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by AgentBank. Bank acknowledges that ▇▇▇▇▇▇▇▇’s insurance in effect as of the date hereof as evidenced by documentation previously provided by Borrower to Bank is satisfactory to Bank as of the date hereof.
Appears in 1 contract
Sources: Credit Agreement (Ashford Inc.)
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "“all-risk" ” policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of BorrowerBorrower and its Subsidiaries, (ii) necessary workers' ’ compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by AgentBank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be reasonably satisfactory to AgentBank. All The Borrower shall request that all such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) 30 days' ’ prior written notice to AgentBank. Borrower will promptly deliver to AgentBank, at Agent's Bank’s request, evidence satisfactory to Agent Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to AgentBank. If Parent, Borrower or any Subsidiary fails to maintain satisfactory insurance as herein provided, Agent Bank shall have the option (but not the obligation) to do so, and Borrower agrees to repay AgentBank, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by AgentBank.
Appears in 1 contract
Sources: Credit Agreement (American Virtual Cloud Technologies, Inc.)
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "“all-risk" ” policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' ’ compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by AgentBank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be reasonably satisfactory to AgentBank. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) 30 days' ’ prior written notice to AgentBank. Borrower will promptly deliver to AgentBank, at Agent's Bank’s request, evidence satisfactory to Agent Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to AgentBank. If Borrower or a Domestic Subsidiary fails to maintain satisfactory insurance as herein provided, Agent Bank shall have the option (but not the obligation) to do so, and Borrower agrees to repay AgentBank, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by AgentBank. Bank acknowledges that Borrower’s insurance in effect as of the date hereof as evidenced by documentation previously provided by Borrower to Bank is satisfactory to Bank as of the date hereof.
Appears in 1 contract
Sources: Credit Agreement (Ashford Inc.)
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "“all-risk" “ policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' ’ compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by Agent, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be satisfactory to Agent. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) days' ’ prior written notice to Agent. Borrower will promptly deliver to Agent, at Agent's ’s request, evidence satisfactory to Agent that such insurance has been so procured and, with respect to casualty insurance, made payable to Agent. If Borrower fails to maintain satisfactory insurance as herein provided, Agent shall have the option (but not the obligation) to do so, and Borrower agrees to repay Agent, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by Agent.
Appears in 1 contract
Maintain Insurance. Keep its insurable properties (including, without limitation, any Collateral at any time securing all or any part of the Indebtedness) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an "all-risk" policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Borrower, (ii) necessary workers' compensation insurance, (iii) public liability and product liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by AgentBank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes, prepaid for such time periods, and written by such companies as may be reasonably satisfactory to AgentBank. All such policies shall contain a provision whereby they may not be canceled or materially amended except upon thirty (30) 30 days' prior written notice to AgentBank. Borrower will promptly deliver to AgentBank, at AgentBank's request, evidence satisfactory to Agent Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to AgentBank. If Borrower or a Domestic Subsidiary fails to maintain satisfactory insurance as herein provided, Agent Bank shall have the option (but not the obligation) to do so, and Borrower agrees to repay AgentBank, upon demand, with interest at the highest rate of interest applicable to any of the Indebtedness, all amounts so expended by AgentBank. Bank acknowledges that Borrower's insurance in effect as of the date hereof as evidenced by documentation previously provided by Borrower to Bank is satisfactory to Bank as of the date hereof.
Appears in 1 contract
Sources: Credit Agreement (Ashford Inc.)